MONACO – The mere mention of the name of this place conjures images of glitz and glamour.
Maybe it's because of the storybook romance between and subsequent marriage of Prince Rainier and America's own Grace Kelly. Maybe it's because the principality, positioned on the world–famous Riviera between France and Italy, is the longtime playground for the rich and famous.
PHOTO C XPLORAThe Monaco Yacht Show attracts megayachts measuring up to 262 feet.
It's the host of the Formula One Grand Prix, where the racers whiz past Port Hercule, the marina in the shadow of the royal palace. And during the race, yachts of all shapes and sizes jockey for position in the marina, with megayachts docked stern–to along the quay, only a few hundred feet from the stands. (Talk about having front–row seats.)
But for boat owners and yacht enthusiasts, one reason stands above the others: Monaco is inarguably the center of the megayacht universe come this week every September, thanks to the Monaco Yacht Show. And, with boats as large as 262 feet, there are few shows more spectacular.
THE BUYERS
Now in its 18th year, the show, which opened Sept. 24 and runs through the 27th, is considered a must for the world's leading megayacht builders, designers, brokers and equipment companies. (Mad mariner will be covering the show daily in the Megayacht News Blog)
PHOTO C PIERRE PETTAVINOBuyers and brokers from around the world converge on the Monaco Yacht Show.
Why so popular? After all, there are plenty of boat shows in Europe and even in the States that have space for megayachts. The reason is simple: The Monaco Yacht Show is the only boat show solely dedicated to private vessels measuring 80 feet and larger. There are no sportfishers or runabouts here – unless you head to the tender exhibit, where everything from RIBs to center consoles and flawlessly lacquered mahogany boats are on display.
Because of its highly–targeted focus, the show attracts top buyers. While the Fort Lauderdale International Boat Show has successfully drawn in megayacht clients year after year, that show is intended to appeal to boaters from all walks of life, so the production boats outnumber the megayachts. And since show admission is reasonably priced, curious folks who aren't boaters sometimes come by to check things out.
In Monaco, while the organizers open the gates for free midafternoon the last day of the show to thank the citizens for their patience while their streets have been clogged all week, the visitors along the docks and stopping in at exhibitors' booths are overwhelmingly serious buyers.
Truth be told, the €60 (about $90) daily entrance fee – no "specially priced" VIP day here – is probably partly responsible. But also consider the setting of Monaco itself: $400 and more per night for a hotel room is no problem for someone prepared to spend tens of millions on a megayacht.
And there are plenty of people who fall into that category. Presently 4,000 megayachts are afloat worldwide, with hundreds more under construction, and even more awaiting an open spot on a yacht builder's floor to start the keel laying. About 28,000 visitors are expected at the Monaco Yacht Show this year, up from 26,000 last year, according to the organizers. These visitors are comprised of owners and their families, their captains and crew, their project managers, and others associated with making cruising dreams a reality.
Impressive numbers for sure, but it's astounding to realize that they don't even scratch the surface of how many people can truly afford a megayacht. Every March, Forbes magazine compiles a list of the top billionaires worldwide, and in its 2008 edition, it states that there are 1,125 individuals with a net worth of $1 billion or more. In June, Merrill Lynch & Co. and the consulting firm Capgemini Group released a study showing that there are more than 10 million people globally with at least $1 million in assets.
THE EXHIBITORS
So who's targeting these buyers? Approximately 500 exhibitors are at this year's boat show, including 82 shipyards, 45 naval–architecture and interior–design firms, and even 13 tender manufacturers. Most of the rest are a mix of engine, gear and other marine equipment makers, marinas – even yacht media.
